China liberalises bank lending rates in reform push

China’s central bank announced long-awaited interest rate reforms on Friday, scrapping the previous floor on the rates that banks charge clients for loans.

The People’s Bank of China (PBOC) also said in a statement on its website that it would remove controls over bill discount rates. It did not remove a cap on deposit rates.

The new rules come into effect on Saturday.

via Business feed http://www.scmp.com/news/china/article/1286385/china-liberalises-bank-lending-rates-reform-push